embedding research at the heart of the uk’s financial capability strategy
Post on 16-Apr-2017
137 Views
Preview:
TRANSCRIPT
1
MRS Financial Services conference
Driving the UK Financial Capability agenda
MRS Financial Services conference17th November 2016
Nick WatkinsHead of Insight & Evaluation, Money Advice Servicenick.watkins@moneyadviceservice.org.uk
2
MRS Financial Services conference
Strategy launched in October 2015
The Financial Capability Strategy
3
MRS Financial Services conference
Critical role for insight and evaluation
Definition and measurement
DiagnosticsSharing the
evidence
Commission at scale Test and learnIdentify potential
solutions
4
MRS Financial Services conference
The Adult Financial Capability survey
• Nationally representative survey of UK adults aged 18+
• Fieldwork conducted online (74%) and face-to-face (26%)
• Total of 5,603 interviews
• 3,461 nationally representative
• 2,142 boost interviews in devolved nations and with 18-24 year olds
• Extensive questionnaire development
• Interviewing April – July 2015, conducted by GfK
4
5
MRS Financial Services conference
Saving and budgeting
A wealth of data
Personal wellbeing,
confidence and ability to
pay bills
27 minute interview130 questions
Future planning and goals
Attitudes to
money
Product holding
and credit usage
Demographics : income,
housing tenure, presence of
children etc
6
MRS Financial Services conference
Some headline findings
Levels of financial capability are too low
7
MRS Financial Services conference
Making sense of the data
Demographics
and other
characteristics
Financially
capable
behaviours
Wellbeing
measures
Financial
enablers
and
inhibitors
8
MRS Financial Services conference
What influences current wellbeing?
Demographics
and other
characteristics
(35%)
Financially
capable
behaviours
(25%)
Other things
(43%)
Financial
enablers and
inhibitors
(33%)
9
MRS Financial Services conference
The ‘additive’ effect on wellbeing
Demographics and
other
characteristics
(13%)
Financially
capable
behaviours
(25%)
Other things
(43%)
Financial
enablers and
inhibitors
(19%)
10
MRS Financial Services conference
Financially capable behaviours
Financially
capable
behaviours
Managing money well day-today• Managing credit use
• Active saving
• Keeping track
Managing and preparing for life events• Building resilience (savings and protection)
• Working towards goals
11
MRS Financial Services conference
Financial enablers and inhibitors
Financial
enablers
and
inhibitors
Mindset• Financial
confidence
• Savings mindset
• Considered spending
Ability• Financial numeracy
Connection• Digital engagement
• Financial engagement
12
MRS Financial Services conference
The building blocks of financial capability
Managing
creditFinancial
engagement
Active saving
Financial
Confidence
Building
resilience
Financial numeracy
13
MRS Financial Services conference
Concept of collective impact
Success criteria
• Common agenda• Shared measurement systems• Mutually reinforcing activities• Continuous communication• Backbone support
organisation
Source : Stanford Social Innovation Review
14
MRS Financial Services conference
Collective impact in practice
Financial Capability Board and Steering Groups
15
MRS Financial Services conference
Building and sharing the evidence base
MAS research
• Financial Capability Survey and analysis
• Financial resilience segmentation
• Over-indebtedness model
• Programme of ‘deep dives’
• Literature reviews
• Other research
28 IMPACT signatories
50 toolkit users
80 case studies or reviews Further 200+ to add
www.moneyadviceservice.org.uk/en/corporate/research
17
MRS Financial Services conference
Grant funding
• £7m programme
• To generate evidence around specific ‘what works’ questions
Expert support
• Will use MAS evaluation resources
• Support from both MAS and Evaluation & Learning Partner
More evidence
• Should fill gaps in the evidence
• All uploaded to our Evidence Hub
Increased capability
• Will ‘pump-prime’ the sector’s evaluation practice
What Works Fund
Launched June 2016
409 Expressions of Interest received
top related